Joe Biden has just unveiled his tax hike plans in the new 2024 fiscal year in a budget request to congress that includes a sweeping series of tax increases targeting some of the highest earners in the nation.
  • As Fox Business reported, Joe Biden’s tax hikes include raising the top personal income tax rate to 39.6% from 37% on any American earning $400,000 or more per year.
  • Biden also proposes targeting families worth over $100 million. He has requested a sweeping minimum tax rate of 25% for all U.S. households worth more than $100 million.
  • Biden wants to increase the federal capital gains tax rate to 39.6% from 20% for all households earning more than $1 million.
  • Biden also wants to raise taxes on companies by a whopping 8% more by lifting the tax rate from to 28% from 21%.
  • Thankfully, Biden’s extreme measures are likely doomed to fail. Since Republicans now control the house, they will likely squash his attempts to raise taxes on Americans in such an abrupt and self-defeating manner.

Why This Matters

  • Joe Biden’s crackdown on taxes represents a very different strategy than what we saw under President Donald Trump’s administration, which focused more on spurring economic growth than forcing America’s largest companies and highest-earning families to hand over their profits
  • These outrageous tax hikes combined with the federal reserves interest rate hikes could spell economic disaster for Americans around the country. Only time will tell what type of impact these policies could have if implemented.